Long Term Implications For The Street - Tighter Regulations, Smaller Bonuses
Treasury Secretary Paulson rolled out his plan to increase regulation of the financial industry today. Judging from responses in the media, he definitely got our backs on this one - good to have a former banker in such a prominent position. However, democrats have been making a lot of noise and I don't think we'll be able to slip by without being imposed with much tighter rules and regulations. I am generally a moderate/liberal but I can't help but consider my self-interest for this one.
What do you all think this means for the industry as a whole? Less profits.. less bonuses? No more hustling of the common man?
Or could we all benefit from this, with better stability and more trust from the people leading to increased investment?
7-page summary of paulson's plan c/o dealbreaker
http://www.treas.gov/press/releases/reports/Fact_Sheet_03.31.08.pdf
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"its the running joke now, we now have fair trade with china so they send us poisoned sea food and we send them fraudulent securities."
come on nobody's interested in this? this is our future here..
investment bankers are going to become poor i guess.
The regulations proposed by Paulson are very weak and have few invasive/expensive regulations. Most of the changes, such as a federal oversight of mortgage lenders, are positive. The purpose of these new regulations is to consolidate state rules into federal rules which increase transparency and decrease costs.
Now, if you want an example of extreme and costly regulation, look at Sarbanes Oxley.
Wait for the actual legislation...I guarantee what is finally passed will look substantially different than the proposal.
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